Palomaki gets new role at RVB

MARQUETTE — River Valley Bank recently announced the promotion of Christian Palomaki to the position of business banking officer. Palomaki, who was formerly River Valley’s market manager, will be serving business customers from the bank’s branches in Marquette, Houghton and Calumet.

Palomaki began his career in banking in 1997 and has held a variety of positions with River Valley Bank since 2010. Throughout his River Valley career, he has worked in loan underwriting, personal banking, home lending and branch management. In his new position as a business banking officer, he will be responsible for business development, maintaining existing banking relationships, commercial loan closings, underwriting and structuring.

Palomaki is also an active member of the community including serving as the board chairman of the Salvation Army of Marquette County, board member of The Care Clinic, and a member of the Kiwanis Club of Marquette. He holds a bachelor’s degree in business administration from Michigan Technological University.

Mackinac releases 2018 report

MANISTIQUE — Mackinac Financial Corp., the holding company for mBank, recently announced a 2018 net income of $8.37 million, or 94 cents per share, compared to 2017 net income of $5.48 million, or 87 cents per share.

The 2018 results included expenses related to the acquisitions of First Federal of Northern Michigan and Lincoln Community Bank, which had a collective after-tax impact of $2.46 million on earnings, according to a Mackinac press release. The 2017 results include the effects of a $2.02 million non-cash tax expense related to the revaluation of the company’s deferred tax asset as a result of the corporate tax code change in December 2017.

The corporation had fourth quarter 2018 net income of $3.36 million, or 31 cents per share compared to a $20,000 loss for the same period of 2017 due to the deferred tax asset changes. The 2018 fourth-quarter results were impacted by acquisition-related expenses of $386,000 on an after-tax basis. The 2018 fourth-quarter income, excluding tax-affected transaction related expenses, was $3.75 million, or 35 cents per share, compared to 2017’s $2.07 million, or 33 cents per share, net of the deferred tax asset expense.

Total assets of the corporation at Dec. 31 were $1.32 billion, compared to $985.37 million at Dec. 31, 2017.